Risk Management
This 22-person division helps protect the city’s assets, including its workers, by managing insurance and employee safety programs. In particular, the division focuses on such areas as workers compensation, automobile insurance, general liability insurance and property coverage.
It offers risk mitigation assistance to departments to reduce the potential for losses in the focus areas noted above. These functions help reduce liability and minimize financial risks for the city and its stakeholders.
2011 Budget:
The Risk Management Division’s budget is $39,409,665
Click here to view a detailed breakdown of the Finance Department budget.
To compare the city to a business/individual, the city retains a certain portion of event risk (similar to a deductible) for worker’s compensation, damage to city buildings and employee tort liability. The city’s outside insurance actuary projected fiscal year 2011 self insurance retention is $18.95 million and the budget also provides $7.1 million in reinsurance/insurance (risk transfer) premiums.
2010 Budget:
The Risk Management Division’s budget was $39,461,517.
Did You Know?
The division expects to receive 2,050 new public liability claims and 1,800 worker’s compensation claims in 2011, consistent with the prior year’s volume.